By Retail Asia
The Philippine Retail Association says 113 million population assures industry growth in the short to medium term.
The Philippine retail industry is evolving as consumer behaviour shifts in the face of eased pandemic restrictions, wider acceptance of e-commerce, the omni-channel shopping experience, and the impact of the amended Retail Trade Liberalization Act on local businesses.
These insights were shared by Philippine Retail Association (PRA) Chairman Paul Santos when interviewed by Retail Asia on the sales performance seen in the country.
According to Santos, the Philippine retail sector performed better in 2022 than in 2021 and 2020, mainly due to lifted movement restrictions, although anecdotal evidence suggests that 2022 figures are still below the pre-pandemic numbers in 2019.
Citing the data, he said household spending increased by 5.1 to 5.5% in 2022; and though that is lower than the projection at about 7%, Philippine retailers are optimistic.
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